Rapport Therapeutics (NASDAQ:RAPP) Stock Price Target Lowered at Guggenheim

Rapport Therapeutics (NASDAQ:RAPP) had its price target reduced by equities researchers at Guggenheim from $70.00 to $66.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim‘s target price suggests a potential upside of 169.28% from the stock’s previous close.

Several other research firms have also recently weighed in on RAPP. Wall Street Zen cut Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Citigroup reissued an “outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday, October 20th. BTIG Research raised their price target on shares of Rapport Therapeutics from $75.00 to $89.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. HC Wainwright reaffirmed a “buy” rating and set a $66.00 price objective on shares of Rapport Therapeutics in a research report on Tuesday, October 20th. Finally, Raymond James Financial set a $73.00 price objective on shares of Rapport Therapeutics in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $66.55.

Rapport Therapeutics Stock Down 5.5%

NASDAQ RAPP traded down $1.42 on Thursday, reaching $24.51. 146,796 shares of the stock traded hands, compared to its average volume of 463,426. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -8.05 and a beta of 1.40. The firm’s fifty day simple moving average is $35.26 and its 200 day simple moving average is $35.55. Rapport Therapeutics has a 12 month low of $22.06 and a 12 month high of $52.93.

Rapport Therapeutics (NASDAQ:RAPP) last released its earnings results on Wednesday, November 4th. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.20) by $0.36. As a group, equities research analysts forecast that Rapport Therapeutics will post -4.08 EPS for the current fiscal year.

Insider Activity

In related news, Director James Healy acquired 969,480 shares of the business’s stock in a transaction dated Wednesday, October 28th. The shares were purchased at an average price of $21.00 per share, for a total transaction of $20,359,080.00. Following the completion of the acquisition, the director directly owned 2,815,707 shares in the company, valued at $59,129,847. The trade was a 52.51% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven M. Paul acquired 35,714 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The stock was bought at an average cost of $27.28 per share, with a total value of $974,277.92. Following the completion of the transaction, the director directly owned 77,380 shares in the company, valued at $2,110,926.40. The trade was a 85.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 1,031,174 shares of company stock valued at $22,023,898 and have sold 97,976 shares valued at $4,391,729. 12.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. TRV GP V LLC purchased a new position in shares of Rapport Therapeutics in the second quarter worth $261,709,477. ARCH Venture Management LLC purchased a new position in Rapport Therapeutics in the 2nd quarter worth $155,376,512. BlackRock Inc. purchased a new position in Rapport Therapeutics in the 2nd quarter worth $112,500,000. Johnson & Johnson purchased a new position in Rapport Therapeutics in the 2nd quarter worth $74,360,823. Finally, TRV GP VI LLC acquired a new stake in Rapport Therapeutics during the 2nd quarter worth about $40,387,314.

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company’s approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.

Rapport’s lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.